Secretary of the Pudong New Area District Committee WENG Zuliang Visits Cloudwalk
China is the largest consumption area, accounting for 29.29% in 2017, and will reach 44.59% in 2023, with a CAGR of 29.53% during 2018-2023, according to the same report.
Dec 19, A delegation led by WENG Zuliang（翁祖亮）, Member of the Standing Committee of the Shanghai Municipal Committee and Secretary of the Pudong New Area District Committee, visited the branches of Cloudwalk in Shanghai to meet with ZHANG Li（张立）, VP of Cloudwalk（云从科技）, reported by the company's official site.
During the talks, WENG claimed that authorities of Pudong New Area District shall support and boost the development of companies. WENG had a wonderful talk with Cloudwalk about the company’s achievements in different fields.
Cloudwalk has received CNY 3.8 billion (USD 570 million) in five rounds of funding since founded in 2015, and its latest funding pushed the company’s valuation into a whooping CNY 23 billion (USD 3.5 billion), more than half of SenseTime（商汤科技）'s USD 6 billion.
It's noticeable that all the funding are CNY and its existing investors include China Reform Fund Management（国新科创基金）and Guangdong Technology Financial Group（粤科）, either state-owned or government-backgrounded fund. It's quite different from its counterparts SenseTime who have famous names as backers and received dollars but still little state-owned fund.
Cloudwalk serves clients from financial, security, civil aviation and other fields. Revenue coming from security applications takes a large part in the whole face recognition application scenarios. It would be easy for companies to work with the government to develop AI systems that are designed to help to protect social security.
Cloudwalk has some important partners including Agricultural Bank Of China, Bank of China, China Construction Bank, Bank of Communications, and China Merchants Bank in the financial industry, as well.
CloudWalk provides an open big data and facial recognition platforms for use by commercial airlines and police departments and hardware products such as facial recognition terminals, facial recognition physical access controls. CloudWalk possesses world-leading proprietary core algorithms with high accuracy. Nov, the company Cloudwalk（云从科技）'s algorithm Pixel-Anchor has got the throne in a global ranking.
Aug, Gen Market Insights released its "Global Face Recognition Device Market Research Report 2018", indicating that Cloudwalk, has 12.88% market share in 2017 globally, is the leader in the Face Recognition Device industry.
As for the global Face Recognition Device market, it is valued at USD 1070 million in 2017 and will reach USD 7110 million by the end of 2025, growing at a CAGR of 26.8% during 2018-2025. China is the largest consumption area, accounting for 29.29% in 2017, and will reach 44.59% in 2023, with a CAGR of 29.53% during 2018-2023, according to the same report.